Should I Buy a House, Townhouse, or Condo?

House, townhouse, or condo, horses, and blue moons, pots of gold, and rainbows… you get it. When you buy a house, it can sometimes feel like selecting one cereal to a five-year-old. What do you choose? There are pros and cons to each, but which housing option is the best for you?

Why Should I Buy a House?

Financial Investment

One of the biggest reasons a person buys a house is the financial investment. Yes, the housing market sways, and as witnessed in 2008, can change drastically. However, for the majority of history, purchasing a home has been a good investment, yielding a positive return for the homeowner. This is especially true in places like Phoenix, AZ, Austin, TX, and Grand Rapids, MI.

Bigger Spaces

For those needing a little elbow room, buying a house can be a great solution. Starting around 1000 sq ft, the size of your house is limited only by your budget. It’s best to start in a small home that you can manage if entering the housing market for the first time. Then again, if your realtor helps you find a great deal on a big one that you can stay in a while, the investment might be worth it.

Privacy

For those wanting a get-away from neighbors, coworker, and just the world in general, you’d be better off looking at a house than a townhouse or condo. Just as the square footage of the house can differ, so can the lot size. That means you can choose a house with little to no yard, or, if you’re looking for a backyard oasis to escape the noise of life, you can turn the backyard into a dreamy vacation-like sanctuary.

Downfalls of Homeownership

Because of their larger size in both square footage and yard space, homes can take more time to manage than condos or townhomes. You may also be subject to HOA fees that increase your monthly output. The scale of management might be a reason to reconsider whether or not you want to buy a house.

Why Should I Buy a Townhouse?

Community building

Townhouse communities tend to be closer knit than other communities. The can be due in part to the fact that you’re sharing a roof with your neighbor. You may even share the same patio separated by a small wall. Therefore, you’re likely to run into your neighbors more often than someone who buys a house or a condo.

HOA?

Depending on where you buy, you may or may not be subject to an HOA. You can find townhomes that are in a large, master-planned community, like Sun City, for example. Or occasionally, you will find them amidst a neighborhood in a small townhome section. The former is most common in Arizona.

Activities Galore

One of the cool things about living in a townhouse is that many townhouse neighborhoods have a community center in them. These community centers feature everything from pools to golf courses, to playgrounds, to bowling alleys. Ask your realtor about the communities near you.

The Downside of Townhomes

Your options for layout and size are limited as there are fewer townhomes in Arizona than single family homes or condos. Although there are several new builds happening in Arizona which gives you a larger selection pool.

Why Should I Buy a Condo?

A house can be a great purchase, but believe it or not, buying a house isn’t for everyone. A condo can be the right place for you if you’re looking for these things.

Easy maintenance.

Typically, condos are anywhere from 400sq ft to 1300sq ft for a large one. Most are configured with one or two bedrooms, so the time it takes you to clean a place like this is minimal compared to a 2000+ sq ft house.

Skip the yard work

Condos tend to have HOAs that take care of all of the yard maintenance for you. You’ll always have beautiful flowers, manicured laws, and or/perfectly arrange rockscape without having to ever pull a weed. No that’s a huge bonus.

Amenities

Much like apartment living, many condo complexes come with amenities like pools and hot tubs. In some of the higher-end living spaces, you may even find outdoor firepits, play structures, grassy parks, and designated doggy areas. You may even find that your condo complex has a party-planning committee who plan events for neighbors to meet one another.

The Downside of Condos

Because of theses awesome conveniences, most condos come with a substantial Homeowners Association fee. It is not uncommon to see monthly fees in the $200-$300 range. That’s something for every buyer to take into consideration when calculating monthly payments. Even if you plan to pay off your house, your HOA fees will remain a constant expense. But, perhaps the amenities are worth the monthly dues. If you had to pay a lawn service and a pool company yourself, the HOA fee may be the worth every penny.

For those looking to narrow down their options, the award winning agents at CENTURY 21 Northwest are the experts that will help you buy a house. Whether you want to upgrade, downsize, buy your first home, or the last one, CENTURY 21 will not only take care of you but will help make the home-buying process easy.